S&P 500 (NYSE:SPY) component Hasbro, Inc. (NASDAQ:HAS) reported a rise in net income in the second quarter. Hasbro Inc. is a global company that designs, manufactures and markets games and toys to children and families.

Results: Net income for the toys and games company rose to $58.1 million (42 cents per share) vs. $43.6 million (29 cents per share) in the same quarter a year earlier. This marks a rise of 33% from the year earlier quarter.

Revenue: Rose 23.1% to $908.5 million from the year earlier quarter.

Actual vs. Wall St. Expectations:HAS reported adjusted net income of 33 cents per share. By that measure, it fell short of the mean analyst estimate of 38 cents per share. It beat the average revenue estimate of $856.5 million.

Quoting Management: “The Hasbro team executed our branded-play strategy globally to deliver both a strong second quarter and to lay the framework for growth in 2011 and beyond,” said Brian Goldner, President and Chief Executive Officer. “Today, our brands are bigger and more global, many are backed by entertainment and the application of our brand blueprint is providing consumers with the opportunity to enjoy our brands across an increasingly broad spectrum of consumer goods and entertainment formats.”

Key Stats:

Last quarter marked the fifth straight quarter that the company saw shrinking gross margins as gross margin fell 3.2 percentage points to 49.3% from the year earlier quarter. Over that time, margins have contracted on average 5.5 percentage points per quarter on a year-over-year basis.

Last quarter’s profit increase breaks a streak of two consecutive quarters of year-over-year profit decreases. In the first quarter, net income fell 70.8% while the figure dropped in the fourth quarter of the last fiscal year.

Over the last five quarters, revenue has increased 2.4% on average year over year. The biggest increase came in the most recent quarter, when revenue rose 23.1% from the year earlier quarter.